The U.S. House of Representatives passed H.R. 8, the “Job Protection and Recession Prevention Act,” that would extend the 2001 and 2003 tax rates through 2013. H.R. 8 includes an extension of current marginal tax rates, as well as dividend and capital gains tax rates. Independent insurance agents support the tax rate extension bill because any tax increases resulting from a repeal would also hit many agencies across the country.
“Without this extension American taxpayers will endure the largest tax hike in the country’s history at a time when economic growth and job creation are stagnant,” said Robert Rusbuldt, president & CEO of the Independent Insurance Agents & Brokers of America (Big “I”). “Small businesses, like many independent insurance agencies and those that line Main Streets across America, will also be hit with this tax increase, stifling any chance of a recovery.” Read more...
(Ref: Insurance Journal, August 2, 2012)
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